Accel closes US$550M Indian fund
The company reported it has acquired US$ 550 million for its 6th venture capital fund in India.
This close is a considerable figure for Accel’s contribution in Indian market, where it started investments in 2004 and has approximately invested total of US$1 billion.
Accel soon found out that it required a bigger capital in order to take part in subsequent financing stages of its portfolio startups.
Accel's effort in Indian market is remarkable. It took part in the initial stage of investing in e-commerce company Flipkart, with valuation at US$4 million at that time. Walmart purchased a controlling stake in Flipkart in 2018 for US$16 bn, which helped Accel to receive net income of over US$1 billion from Flipkart.
The VC as well took part in the initial phase of investing in SaaS Freshworks project, currently estimated at over US$ 3 billion, a food delivery service Swiggy, likewise estimated approximately at US$3 billion.
Accel reports that 44 out of 100 startups in its Indian portfolio currently are estimated above US$100 million each. Totally, the VC firm's portfolio has generated US$44 billion in market value.
Accel will be further focused on consumers, B2B operations, fintech, medicine sphere, and global SaaS categories.